Vingroup targets $7.4 billion in revenue

Vingroup targets VND170 trillion ($7.4 billion) in revenue

Vingroup will focus on developing three key sectors, namely technology, industry, and commerce-service. Notably, in the technology-industry segment, its subsidiary VinFast plans to launch new electric cars and motorcycles. The new models will help VinFast to reinforce its already solid position in the domestic market and take its products overseas.

For the production of smart equipment, VinSmart will focus on developing Internet of Things (IoT) products for VinFast’s automobiles and the group's smart ecosystem including smart city, smart home, and smart services.

Regarding the real estate sector, Vinhomes will continue to develop a great metropolis and implement omnichannel distribution for its real estate projects.

Besides, Vincom Retail will continue to develop 100,000 square metres to serve the retail sector, increase the total area of its retail system to 1.8 million sq.m, keeping its leading position in this sector.

Vinpearl will accelerate the implementation of marketing activities in the tourism-entertainment segment to welcome tourists once the pandemic is controlled.

In 2020, Vingroup earned VND110.49 trillion ($4.8 billion) in net revenue, with VND72.16 trillion ($3.14 trillion) from the transfer of real estate projects and VND4.86 trillion ($211.3 million) from tourism-entertainment services.

Vingroup will pour an additional $300 million into the US market to prepare for the sale of its new electric car models and smartphones.

Vietnam's overseas investment in the first four months of the years increased sharply thanks to the expansion of Vingroup to markets like France, the Netherlands, Canada, Singapore, Germany, and especially the United States.

According to the Ministry of Planning and Investment's Foreign Investment Agency, 18 overseas investment projects were granted certificates with $142.8 million in total investment in the first four months of the year, up 2.7-fold against the corresponding period last year, while $403.2 million was poured into nine existing projects, up 25.5 times.

Vingroup contributed one-third of the total newly-registered capital, with three new projects in France, the Netherlands, and Canada with the total investment capital of $32 million and a $20.5 million new project in Singapore to export and import telecommunications equipment, electronics, home appliances, and cars.